“In times of great stress or adversity, it's always best to keep busy, to plow your anger and your energy into something positive.”
- Lee lacocca
Happy Thursday everyone! It's the start of November! I hope everyone had a fun time trick-or-treating for Halloween yesterday! 🎃 Today in history, the first ever issue of the "Rolling Stone' magazine was published in 1967! The publication turns 51 years old today! 😲
In today's newsletter, we will be covering a blockchain platform created by HKEX and Digital Asset that accelerates post-trade processes, a new public Ethereum blockchain tool for privacy created by Ernst & Young and the 19th meeting of the Financial Stability and Development Council (FSDC) of India.
Hope you enjoy today's newsletter, and don't forget to answer the polls down below too! Happy reading! 📚
A slight green day for the crypto space. We see total market capitalization climbing back slightly from ~$202.9 billion to ~$207.0 billion, after the dip the day before 🎇. Total trading volume is up slightly at ~$11.7 billion, compared to the average ~$9.5 billion levels last week. It's always nice to see increasing trading volume levels, regardless of either price directional movements, as it reflects a growing interest in the space. 😄 The notable mover for the second consecutive day is Chainlink (LINK), which is currently up ~18.94%, pushing it to the 44th ranked spot by market capitalization. 👏 BTC is currently up ~1.41% and trading at ~$6,425. However, it remains below its 21-day EMA line, for the tenth consecutive day. 😔
The Hong Kong Stock Exchange (HKEX) has partnered up with the distributed ledger startup, Digital Asset, to develop a blockchain platform called "Stock Connect" that will "accelerate the post-trade process and reduce settlement risk." 👍
The platform's prototype has already been tested by HKEX and the Shanghai and Shenzhen stock exchanges, in a collaboration project called “Stock Connect”, which also enabled international and mainland Chinese investors to trade in each other's markets through their home exchanges' platforms, thereby improving the efficiency of northbound trades. 😄
These parties now want to release the full service Stock Connect platform that will mitigate time zone discrepancies and other settlement and operational issues for northbound traders, that arise “due to the tight settlement cycle for Mainland China trades.” 🖖🏻
A handy tool
A "Big Four" accounting firm, Ernst & Young, has announced in a recent press release a tool that it claims will enable private transactions to the public blockchain of Ethereum. 🤫
The tool, called the "EY Ops Chain Public Edition (PE) prototype" will enable create and distribute tokens "that are similar to ERC-20 and ERC-721 token standards" while keeping access to their transaction records private, and "without breaking the consensus algorithm." 🤯 It is supposedly be the "world's first" implementation of zero-knowledge proof (ZKP) technology for the Ethereum blockchain, and a by product of research from EY's blockchain labs in London and Paris. 🤓
According to EY's globalinnovation leader for blockchain, Paul Brody, current private blockchains give enterprises transaction privacy but does so "at the expense of reduced security and resiliency." Through EY's tool, "organizations can transact on the same network as their competition in complete privacy and without giving up the security of the public Ethereum blockchain." 🤖
Indian officials have met at the 19th meeting of the Financial Stability and Development Council (FSDC) and among other things, discussed "the issues and challenges" of crypto assets and cryptocurrency. 🗣️
The council was briefed by a committee tasked to propose an "appropriate legal framework to ban use of private crypto currencies in India" that is chaired by the secretary of economic affairs.
No framework for the ban has been finalized as of yet, but it would likely prohibit the general use of cryptocurrencies by India's citizens for exchange and trading when it is finalized. 😔 However, despite the negative slant on private cryptocurrencies during the meeting, it also saw discussion of a plan to "encourage" the use of distributed ledger technology.
Coinbase's head of trading, Hunter Merghart, has resigned after 6 months on the job. 👋 His resignation follows that of the executive who hired him, Adam White, who left Coinbase this month to become the COO of the new institutional crypto trading platform, Bakkt.
According to Arthur Hayes, the CEO of the world's largest BTC trading derivatives platform BitMEX, BTC's current volatility levels and "flatness" could "persist for another 12 to 18 months." He also believes that "trading volumes could fall further from where they are now." 😥
ConsenSys has recently acquired an asteroid mining company called Planetary Resources, through an asset-purchase agreement. ☄️
Poll of the Day
How much do you agree: "The crypto space cannot prosper without institutional funds entering it." 💭
And...do you agree with the BitMEX CEO's comments that Bitcoin's current volatility levels could persist for 12-18 more months? How was your Halloween? Share with me in the polls! 😆
What you said
"On a scale of 1-10 (10 being maximum enjoyment), how much do you enjoy dressing up for Halloween Day?"
The average vote was only a 7.8. Who doesn't love playing dress up? It's always interesting being something different for a change. 😄
"Will you be dressing up for this year's Halloween Day? (either today or the weekend)"
50% voted "Yes."
50% voted "No."
It's split right down the line on this one! 🤔
"What do you think is the most overused/ overplayed Halloween day costume?"
You guys said:
A Pirate - Agreed. Gotta love a well dressed pirate though... 🏴☠️
Halloween is not celebrated in my part of world.. but there can be no overused / overplayed costume.. people especially kids should put on the favourite custom & they all look awesome. - I wonder which part of the world you're at! 🤔
Skeleton - There are always a fair number of these. 💀
Where’s Waldo - All of a sudden on Halloween Day, Waldo is so easily spotted. 🤦
"Share with me your most memorable Halloween day experience."
You guys said:
Me and my mate bought ninja sanitary towel outfits. We thought they were hilarious. Most ladies were not impressed. Our own friends complained to the pub landlord. - That sounds like a memorable one. Wish I was there to see it. Must've been hilarious. 🤣
Wish i had one to share.. hopefully in coming years i get a chance to visit your part of world during halloween & Christmas.. best wishes to everyone ... make kids happy, distribute lots of goodies .. may be u could share some pictures for all of us to see what it was like in your news letter.. happy Halloween !! - Thank you for your well wishes! Happy Halloween to you as well. I know you will be celebrating it with us in spirit. 😉
This one time in band camp... - American Pie! Love that movie. 😁
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
See you tomorrow! 😍 our newsletter? Share with a friend! 😡 our newsletter? Spam your enemy!